Carl Lundström is the son of Ulf Lundström and the grandson of Karl Edvard Lundström, founder of the world's largest crisp bread producer Wasabröd. When his father Ulf Lundström died in 1973, Carl Lundström was one of five heirs to Wasabröd. In 1982 Wasabröd was sold to the Swiss pharmaceutical companySandoz. Lundström has founded and financed a number of companies, notably Swedish telecom, internet and co-location provider Rix Telecom.

In 2003-2005, Lundström's company Rix Telecom provided services and equipment to torrent tracker The Pirate Bay. Lundström was one of the four defendants in The Pirate Bay trial charged with "accessory to breaching copyright law". On 17 April 2009 Stockholmdistrict court found all defendants guilty and sentenced them to one year in prison and to jointly pay 30 million SEK (app. €2.7 million or USD 3.5 million) in damages. The verdict was appealed.[2][3][4][5][6] The appeal was a partial success, as his sentence was reduced to four months, but the fine was increased to 32 million SEK.[7] The time in prison has been served.[8]